Post Covid-19 Impact on Air Powered Vehicle Market Sales, Revenue and Market Share by Countries 2022 Analysis and Forecasts to 2030
Market Highlights
Market Research Future (MRFR), in its recently published
research report, asserts that the global air
powered vehicle market 2022 is expected to grow exponentially
over the review period,
Technological advances in the global automotive industry
have culminated in alternative-fueled vehicles such as automobiles powered by
air. Such vehicles, which work on the concept of compressed air technology,
like internal combustion engine vehicles, have no detrimental impact on the
environment. Therefore, they have witnessed rising demand in the environment
from countries that have strict regulatory policies in place.
Increasing demand for clean and renewable energy for driving
vehicles is projected to be the main driver of the market for air-driven
vehicles in the coming years. Other factors, like longer life cycles, low
toxicity, and strict vehicle emission regulations, are expected to play a
crucial role in the market growth over the forecast period.
High costs of air-compressed vehicles, however, may prove to
be a major impediment to market growth. Increasing demand for alternatives such
as electric vehicles may also present the market with a challenge over the
forecast period.
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Segmental Analysis
The global Air Powered Car market is segmented on energy
mode, vehicle type, and region.
Based on energy mode, the market has been bifurcated into a
single energy mode and dual energy mode.
By vehicle type, the market is segmented into passenger
cars, LCV, and HCV. The market Is witnessing a growing demand for passenger
cars as well as LCVs owing to their fuel efficiency and relatively better
environment-friendliness as compared to HCVs. This is likely to create a growth
trend in the market.
Regional Analysis
The geographical analysis of the global market has been
conducted in four major regions, including the Asia Pacific, North America,
Europe, and the rest of the world (Latin America, the Middle East, and Africa).
It is estimated that North America holds a significant
market share in the Global Air Powered Vehicle Market. The U.S. dominates the
market in this area, contributing nearly 70 percent of revenue. The major
driving factors of the market in this area are the production of renewable
energy for vehicles and increasing understanding of preserving the
environmental balance.
Europe, which is known as an innovation center for the
global automotive industry, is also expected to see substantial demand over the
next five years. It is expected the involvement of major players in France,
Italy, and Germany would have a positive effect on the market in this area.
Also, in some countries, incentives and subsidies which encourage the use of
air powered vehicles play a key role in the growth of the market.
The Asia Pacific market is expected to see the highest CAGR
in the next five years. This area is distinguished by some of the emerging
economies, including China and India, which individually reflect major
automotive markets. Also, increasing environmental protection measures by
governments and concerned authorities are driving demand for air-driven
vehicles in this area. This region is regarded as a significant export of
air-powered vehicles because of the low production costs, and the availability
of skilled and cheap vehicles is also expected to contribute to the growth fo
the market.
Competitive Analysis
The major market players operating in the global market as
identified by MRFR are Motor Development International SA (France), Tata Motors
(India), Honda Motor Company, Ltd. (Japan), Groupe PSA (France), Engineair Pty
Ltd (Australia), and Phinergy (Israel).
Continue.......
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